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Telephone & Data Systems cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$306M in Q3 2026 · −$609M over twelve months

Operating cash flow−$108M
Capital spending−$198M
Free cash flow−$306M
Cash / net income-1.8×

Analysis

In Q3 2026, Telephone & Data Systems generated −$108M of operating cash flow and spent $198M on capital projects, leaving free cash flow of −$306M. That is $157M less than in Q3 2025 (−$149M).

Over the twelve months to Sep 30, 2026, operating cash flow was $34.7M; the largest uses were other financing ($766M), capital spending ($644M), buybacks ($272M); besides operations, cash came from asset & business sales ($2.2B), partners ($380M); the cash balance rose by $702M.

Operating cash flow was −$108M against net income of $58.7M — -1.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: income taxes payable −$238M, depreciation & amortization +$90.2M, other operating capital −$12.5M.

Free cash flow

Telephone & Data Systems: free cash flow by quarterTelephone & Data Systems: free cash flow by quarter$117MQ4 2024$121MQ1 2025$336MQ2 2025−$149MQ3 2025−$109MQ4 2025−$81.6MQ1 2026−$113MQ2 2026−$306MQ3 2026
Operating cash flow less capital spending.
Telephone & Data Systems: operating cash flow against capital spendingTelephone & Data Systems: operating cash flow against capital spendingOperating cash flowCapital spending$213M$96.2MQ4 2024$186M$64.4MQ1 2025$422M$86.1MQ2 2025−$37.0M$112MQ3 2025$19.6M$128MQ4 2025$67.5M$149MQ1 2026$55.6M$169MQ2 2026−$108M$198MQ3 2026
Latest (Q3 2026): Operating cash flow −$108M, Capital spending $198M.

Capital allocation, year by year

Telephone & Data Systems: where the cash came from (up) and went (down), by fiscal yearTelephone & Data Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $1.1BFY2021: Net borrowing −$538MFY2021: Shares issued $1.1BFY2021: Asset sales $3.0MFY2021: Capital spending −$1.1BFY2021: Buybacks −$8.0MFY2021: Dividends −$119M$2.2BFY2021FY2022: Operating cash flow $1.2BFY2022: Net borrowing $882MFY2022: Asset sales $8.0MFY2022: Capital spending −$1.2BFY2022: Buybacks −$40.0MFY2022: Dividends −$151M$2.0BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing $298MFY2023: Asset sales $1.0MFY2023: Capital spending −$643MFY2023: Buybacks −$5.8MFY2023: Dividends −$153M$1.4BFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing −$15.5MFY2024: Asset sales $147MFY2024: Capital spending −$365MFY2024: Dividends −$104M$1.3BFY2024FY2025: Operating cash flow $590MFY2025: Net borrowing −$1.6BFY2025: Asset sales $72.3MFY2025: Capital spending −$391MFY2025: Buybacks −$108MFY2025: Dividends −$87.7M$662MFY2025
Over these 5 years operating cash flow totalled $5.1B; the largest uses were capital spending ($3.7B) and net borrowing ($2.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debt$678M
Net cash$957M
Due within a year$5.3M

Telephone & Data Systems's operations bring cash in ($34.7M over twelve months), and it spends more than that on capital projects: a gap of $609M funded from its $1.6B of cash and investments and from borrowing ($678M of debt, $5.3M due within a year). That is a choice to invest, not a cash runway running down.

Telephone & Data Systems: debt maturities by year (FY2025)Telephone & Data Systems: debt maturities by year (FY2025)$5.3MYear 1$159MYear 2$8.3MYear 3$12.4MYear 4$293MYear 5
Principal due in each year as disclosed in the annual report, against $1.6B of cash and investments now.

Where the cash came from and went

Telephone & Data Systems: sources (+) and uses (−) of cash, Q3 2026Telephone & Data Systems: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$559MOther financing−$206MCapital spending−$198MOperating cash flow−$108MOther investing−$24.3MDividends−$21.8MNet borrowing (+) / repaid (−)−$2.4MTaxes on employees’ shares$1.5MPartners−$424K
Telephone & Data Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Telephone & Data Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Asset & business sales$2.2BOther financing−$766MCash drawn (+) / kept (−)−$702MCapital spending−$644MPartners$380MBuybacks−$272MNet borrowing (+) / repaid (−)−$152MDividends−$87.5MOperating cash flow$34.7MOther investing−$21.4M

From profit to cash

Telephone & Data Systems: net income to operating cash flow, Q3 2026Telephone & Data Systems: net income to operating cash flow, Q3 2026Net income$58.7MDepreciation & amortization$90.2MStock-based pay$4.1MDeferred taxes$9.2MGains on disposals$2.5MReceivables$2.3MInventory$588KPayables$56KIncome taxes payable−$238MOther operating capital−$12.5MOperating cash flow−$108M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$108M−$198M—−$21.8M−$2.4M$559M−$306M
Q2 2026$55.6M−$169M—−$21.9M−$415K−$827M−$113M
Q1 2026$67.5M−$149M—−$21.9M−$150M−$601M−$81.6M
Q4 2025$19.6M−$128M−$67.4M−$21.9M−$272K$167M−$109M
Q3 2025−$37.0M−$112M—−$22.0M−$1.6B−$378M−$149M
Q2 2025$422M−$86.1M—−$21.9M−$9.3M−$188M$336M
Q1 2025$186M−$64.4M—−$21.9M−$7.7M$12.0M$121M
Q4 2024$213M−$96.2M—−$21.9M−$47.2M$88.3M$117M

Telephone & Data Systems: income statement and cash flow

Telephone & Data Systems, Q3 2026: revenue $307M (-0.6% year over year), operating margin -9.8%. The chart follows the revenue to costs, profit and cash.

Telephone & Data Systems: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.